Does Anybody Know What Happens After A Bpo Is Done In A Short Sale Transaction?
November 13, 2009 | In: BPO
BPO = “Broker Price Opinion.” A lender may request that homeowners with delinquent mortgage payments have this done in a short sale transaction. The lender will pay a real estate broker to complete a BPO on the property in order to get an appraisal value for it.
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1 Response to Does Anybody Know What Happens After A Bpo Is Done In A Short Sale Transaction?
acermill
November 13th, 2009 at 1:57 pm
Yes. The BPO is performed (similar to an actual appraisal) so that the lender knows the approximate current market value of the property. After receipt of the BPO, the lender will decide whether to grant permission for the short sale, based upon property value and borrower income and financial status. As well, a minimum price for sale will be determined based upon the BPO results.